Q2 2024 Westlake Chemical Partners LP Earnings Call
Good afternoon. Thank you for standing by welcome to the Westlake Chemical Partners' second quarter, 'twenty 'twenty four or earnings conference call. During the presentation. All participants will be in a listen only mode. After the Speakers' remarks, you will be invited to participate any question and answer session as a reminder.
Unknown Executive: Good afternoon. Thank you for standing by.
Unknown Executive: Welcome to the Westlake Chemical Partners 2nd quarter 2024 earnings conference call. During the presentation, all participants will be in a listen-only mode.
Unknown Executive: After the speaker's remarks, you will be invited to participate in a question-and-answer session.
Unknown Executive: As a reminder, this conference is being recorded today, August 6, 2024.
This conference is being recorded today August six 2024.
John Zoeller: I would now like to turn the call over to today's host, John Zoeller, Westlake Chemical Partners, Vice President and Treasurer. Sir, you may begin.
John Zoeller: I would now like to turn the call over to today's host, John Zoeller, Westlake Chemical Partners Vice President and Treasurer. Sir, you may begin.
John Zeller: I would now like to turn the call over to todays host John Zeller, Westlake Chemical Partners', Vice President and Treasurer, Sir you may begin.
Unknown Executive: Thank you.
John Zeller: Thank you good afternoon, everyone and welcome to the Westlake Chemical Partners' second quarter 2024 conference call I'm joined today by Albert Chao, Our executive Chairman, John Marc Gilson, our President and CEO, Steve Bender, Our executive Vice President and Chief Financial Officer, and other members of our management team.
Jean-Marc Gilson: Thank you. Good afternoon, everyone. And welcome to the Westlake Chemical Partners second quarter 2024 conference call. I am joined today by Albert Chao, our Executive Chairman; Jean-Marc Gilson, our President and CEO; Steve Bender, our Executive Vice President and Chief Financial Officer; and other members of our management team. During this call, we refer to ourselves as Westlake Partners or the partnership. References to Westlake refer to our parent company, Westlake Corporation, and references to OPCO refer to Westlake Chemical OPCO LP, a subsidiary of Westlake and the partnership which owns certain Holofen's assets.
John Zoeller: Good afternoon, everyone. And welcome to the Westlake Chemical Partners 2nd quarter 2024 conference call. I am joined today by Albert Chao, our Executive Chairman; Sean Mark Gilson, our President and CEO; Steve Bender, our Executive Vice President and Chief Financial Officer; and other members of our management team. During this call, we refer to ourselves as Westlake Partners or the Partnership. References to Westlake refer to our parent company, Westlake Corporation, and references to Opco refer to Westlake Chemical Opco LP, a subsidiary of Westlake and the partnership which owns certain Holophins assets. Additionally, when we refer to Distributable Cash Flow, we are referring to Westlake Chemical Partners MLP distributable cash flow.
Jean-Marc Gilson: Additionally, when we refer to distributable cash flow, we are referring to Westlake Chemical Partners MLP distributable cash flow. Definitions of these terms are available on the partnership's website. Today, management is going to discuss certain topics that will contain forward-looking information that is based on management's beliefs, as well as assumptions made by and information currently available to management. These forward-looking statements suggest predictions or expectations, and thus are subject to risks or uncertainties.
Jean-Marc Gilson: We encourage you to learn more about the factors that could lead our actual results to differ by reviewing the cautionary statements in our regulatory filings, which are also available on our investor relations website. This morning, Westlake Partners issued a press release with details of our second quarter 2024 financial and operating results. This document is available in the press release section of our website at WLKPartners.com. A replay of today's call will be available beginning two hours after the conclusion of this call.
Jean-Marc Gilson: The replay can be accessed via the partnership website. Please note that information reported on this call applies only as of today, August 6, 2024, and therefore, you are advised that time-sensitive information may no longer be accurate as of the time of any replay. I would finally advise you that this conference call is being broadcast live through an internet webcast system that can be accessed on our webpage at wlkpartners.com. Now I'd like to turn the call over to Albert Chao.
John Zeller: During this call we refer to ourselves as Westlake partners or the partnership references to Westlake referred to our parent company Westlake Corporation and references to Opco refer to Westlake Chemical Opco LP, a subsidiary of Westlake and the partnership which owns certain olefins assets.
John Zeller: Additionally, when we refer to distributable cash flow, we are referring to Westlake chemical partners' MLP distributable cash flow definitions of these terms are available on the partnership's website.
John Zoeller: Definitions of these terms are available on the partnership's website. Today, management is going to discuss certain topics that will contain forward-looking information that is based on management's beliefs, as well as assumptions made by and information currently available to management. These forward-looking statements suggest predictions or expectations, and thus are subject to risks or uncertainties. We encourage you to learn more about the factors that could lead our actual results to differ by reviewing the cautionary statements in our regulatory filings, which are also available on our Investor Relations website.
Speaker Change: Today management is going to discuss certain topics that will contain forward looking information that is based on management's beliefs as well as assumptions made by and information currently available to management. These forward looking statements suggest predictions or expectations and thus.
Thus are subject to risks or uncertainties. We encourage you to learn more about the factors that could lead our actual results to differ by reviewing the cautionary statements in our regulatory filings, which are also available on our Investor Relations website.
John Zoeller: This morning, Westlake Partners issued a press release with details of our second quarter 2024 financial and operating results. This document is available in the press release section of our webpage at www.lkpartners.com. A replay of today's call will be available beginning two hours after the conclusion of this call. The replay can be accessed via the partnership website. Please note that information reported on this call speaks only as of today, August 6, 2024, and therefore you are advised that time-sensitive information may no longer be accurate as of the time of any replay. I would finally advise you that this conference call is being broadcast live through an Internet webcast system that can be accessed on our webpage at www.lkpartners.com.
Speaker Change: This morning, Westlake partners issued a press release with details of our second quarter 2024 financial and operating results. This document is available in the press release section of our webpage at W. L K partners Dot com.
Speaker Change: A replay of today's call will be available beginning two hours after the conclusion of this call.
The replay can be accessed via the partnership website.
Speaker Change: Please note that information reported on this call speaks only as of today August 6th 2024, and therefore, you're advised that time sensitive information may no longer be accurate as of the time of any replay.
Speaker Change: I would finally advise you that this conference call is being broadcast live through an internet webcast system that can be accessed on our webpage at <unk> partners Dot com.
Albert Chao: Now I'd like to turn the call over to Albert Chao. Albert?
Speaker Change: Now I'd like to turn the call over to Albert Chao Albert. Thank you Joe Good afternoon, everyone and thank you for joining us to discuss our second quarter 2024 results.
Albert Chao: Thank you, Joe. Good afternoon, everyone, and thank you for joining us to discuss our second quarter 2024 results. In this morning's press release, we reported Westlake Partners' second quarter 2024 net income of $40 million, or 41 cents per unit. Compared to the second quarter of 2023, second quarter 2024 sales and earnings benefited from higher production and sales volume as a result of last year's Calgary city turnaround and higher third-party ethylene sales prices and margins.
Albert Chao: Thank you, Joe. Good afternoon, everyone, and thank you for joining us to discuss our second quarter 2024 results. In this morning's press release, we reported Westlake Partners' second quarter 2024 net income of $14 million, or $41 per unit. Compared to the second quarter of 2023, our second quarter of 2024 sales and earnings benefited from a higher production and sales volume as a result of last year's cover city turnaround and higher third-party ethylene sales prices and margins. The stability of Westlake Partners' business model is constantly demonstrated to our fixed margin-ethening sales agreement, which minimizes market volatility and other production risks.
Speaker Change: In this morning's press release, we reported Westlake Partners' second quarter 2024, net income of $14 million or <unk> 41.
Speaker Change: Per unit.
Speaker Change: Compared to the second quarter of 2023.
Speaker Change: Second quarter of 2020 for sales and earnings benefited from a higher production and sales volume as a result of last year's Culver City turnaround and higher third party ethylene sales prices and margins.
The stability of Westlake partners business model has consistently demonstrated to our fixed margin ethylene sales agreement, which minimize this market volatility and other production risks.
Albert Chao: The stability of Westlake Partners' business model is consistently demonstrated through our fixed margin ethylene sales agreement, which minimizes market volatility and other production risk. The high degree of stability in cash flow, when paired with the predictability of our business, has enabled us to deliver a long history of reliable distributions and coverage. This quarter's distribution is the 40th consecutive quarterly distribution since the IPO in July of 2014, without any reduction.
Albert Chao: The high degree of stability in cash flow, when paired with the predictability of our business, has enabled us to deliver the long history of reliable distributions and coverage.
Speaker Change: The high degree of stability in cash flow when paired with the predictability of our business.
Speaker Change: <unk> has enabled us to double the long history of reliable distributions and coverage.
Albert Chao: This quarter's distribution is the 40th consecutive quarterly distribution since the IPO in July of 2014 without any reductions.
Speaker Change: This quarters distribution is the 14th consecutive quarterly distribution since the IPO in July of 2014 without any reductions.
Albert Chao: We're happy to welcome John Mark Gilson to the partnership with his appointment as our new President and CEO. He's a seasoned industry leader with a proven track record of delivering sustained financial performance, most recently as president and CEO of Mitsubishi Chemical Group. John Mark's appointment is a combination of a thoughtful succession plan that ensures the continuation of our strategy to provide stable, predictable cash flows supporting our distributions to unit holders.
Speaker Change: We're happy to welcome Michelle Gilson could a partnership with <unk> as our new President and CEO.
Albert Chao: We're happy to welcome Jean-Marc Gilson to the partnership with his appointment as our new president and CEO. He's a seasoned industry leader with a proven track record of delivering sustained financial performance, most recently as president and CEO of Mitsubishi Chemical Group. John Mark's appointment is the culmination of a thoughtful succession plan that ensures the continuation of our strategy to provide stable, predictable cash flows, supporting our distributions to unit holders. Now I would like to turn the call over to Jean-Marc to provide some initial thoughts. Jean-Marc.
Michelle Gilson: He is a seasoned industry leader with a proven track record of delivering sustained financial performance. Most recently as president and CEO of basic Bouchey Chemical group.
Speaker Change: <unk> appointment is the culmination of a thoughtful succession plan.
Speaker Change: To ensure the continuation of our strategy to provide stable predictable cash flows supporting our distributions to unitholders.
John Mark Gilson: Now I'd like to turn the call over to John Mark to provide some initial thoughts. John Mark, thank you. Albert, and good afternoon everyone. It's a pleasure to join Westlake Partners as President and CEO. Since its formation 10 years ago, the partnership's predictable fee-based cash flow, supported by, of course, ethylene sales agreement with Westlake, has differentiated it from peers with the consistency of its earnings and cash flows. Looking back since our IPO in July of 2014, we have maintained a cumulative distribution coverage ratio of approximately 1.1 times, and the partnership has continued to provide stability in cash flows to deliver an attractive distribution to our investors.
Speaker Change: Now I would like to turn the call over to Jean Marc to provide some initial thoughts Joe Mark.
Jean Marc: Thank you Albert and good afternoon, everyone.
Jean-Marc Gilson: Thank you, Albert, and good afternoon, everyone. It's been a pleasure to join Westlake Partners as President and CEO since its formation 10 years ago. The partnership's predictable fee-based cash flow, supported by Opco's Ethylene Sales Agreement with Westlake, has differentiated it from peers with the consistency of its earnings and cash flow. Looking back, since our IPO in July of 2014, we have maintained a cumulative distribution coverage ratio of approximately 1.1 times. I would now like to turn our call over to Steve to provide more detail on the financial and operating results for the quarter.
Jean Marc: It's a pleasure to join Westlake partners as President and CEO.
Joe Mark: Since its formation 10 years ago.
Joe Mark: Partnership's predictable fee based cash flow.
Joe Mark: Supported by Op Cos ethylene sales agreement with Westlake.
Speaker Change: <unk> differentiated it from piece with the consistency of its earnings.
Joe Mark: And cash flows.
Joe Mark: Looking back since our IPO in July of 2014.
Joe Mark: We have maintained cumulative distribution coverage ratio of approximately one one times.
Joe Mark: And the partnerships.
Joe Mark: Continue to provide stability in cash flows.
Joe Mark: To deliver on that track.
Joe Mark: <unk> distribution to our investors.
John Mark Gilson: I look forward to evaluating opportunities to grow the distribution via our four livers of growth in the future, including increases of our ownership interest of OPPCO, acquisitions of other qualified income streams, organic growth opportunities such as expansions of our current ethylene facilities, and negotiation over higher fixed margin in our ethylene sales agreement with Westlake.
Joe Mark: I look forward to evaluating opportunities.
Joe Mark: To grow the distribution.
Joe Mark: Our four levers of growth.
Joe Mark: In the future including.
Joe Mark: Increases of our ownership interest of Opco.
Joe Mark: Acquisitions of other qualified income streams.
Joe Mark: Okay.
Joe Mark: Our organic growth opportunities such as expansions of our current ethylene facilities.
Joe Mark: And negotiation of a higher fixed margin in our ethylene.
Joe Mark: <unk> sales agreement with Westlake.
Joe Mark: Okay.
Steve Bender: I would now like to turn our call over to Steve to provide more detail on the financial and operating results for the quota. Steve, thank you, Jean-Marc, and welcome to the partnership. Good afternoon, everyone. In this morning's press release, we reported Westlake Partners' second quarter, 2024 net income of $14 million or $0.41 cents per unit. Consolidated net income, including OPCO's earnings, was 88 million on consolidated net sales of 284 million. The partnership had distributable cash flows for the quarter of 17 million dollars, or 49 cents per unit. Second quarter, 2024 net income for Westlake Partners of 14 million dollars was 2 million dollars higher than the second quarter, 2023 partnership net income.
Joe Mark: I would now like to turn our call over to Steve to provide more detail on the financial and operating results for the quarter Steve. Thank.
Steve: Thank you John Mark and welcome to the partnership and good afternoon, everyone.
In this morning's press release, we reported Westlake Partners' second quarter, 2024, and net income of $14 million or <unk> 41 per unit.
Speaker Change: Consolidated net income, including <unk> earnings was $88 million on consolidated net sales of $284 million.
Speaker Change: The partnership had distributable cash flows for the quarter of $17 million or <unk> 49 per unit.
Speaker Change: Second quarter 2024, net income for Westlake partners of $14 million was $2 million higher than the second quarter 2023 partnership net income.
Steve Bender: Compared to the second quarter of 2023, the partnership benefited from OPCO's higher production and sales volumes due to last year, Calvert City's turnaround and hire a third-party ethylene sales prices and margins, which were partially offset by higher interest expense. Distributable cash flow of 17 million dollars for the second quarter of 2024 increased by 2 million dollars compared to the second quarter of 2023 due to primarily higher production and sales volumes.
Speaker Change: Compared to the second quarter of 2023, the partner ship benefited with <unk> higher production and sales volumes.
Speaker Change: Due to last year Calvert city's turnaround and higher third party ethylene sales prices and margins, which were partially offset by higher interest expense.
Speaker Change: Distributable cash flow of $17 million for the second quarter of 2024 increased by $2 million compared to the second quarter of 2023, due to primarily higher production and sales volumes.
Steve Bender: Distributable cash flow of $17 million for the second quarter of 2024 increased by $2 million compared to the second quarter of 2023 due to primarily higher production and sales volume. The cost of this turnaround has been included in the amount we charged to Westlake and has been fully reserved for and funded as we commence the turnaround.
Steve Bender: Turning our attention to the balance sheet and cash flows at the end of the second quarter, we had consolidated cash balances and cash investments with Westlake through our investment management agreement, totaling $160 million. Long-term debt at the end of the quarter was $400 million, of which $377 million was at the partnership and the remaining $23 million was at OPCO. In the second quarter of 2024, OPCO spent $10 million on capital expenditures. We maintained our strong leverage metrics with a consolidated leverage ratio of approximately one times. On July 30, 2024, we announced a quarterly distribution of 47.14 cents per unit with respect to the second quarter of 2024.
Speaker Change: Turning our attention to the balance sheet and cash flows at the end of the second quarter, we had consolidated cash.
Speaker Change: Balances and cash investments with Westway through our investment management agreement totaling $160 million.
Long term debt at the end of the quarter was $400 million.
Speaker Change: Of which $377 million was at the partnership and the remaining $23 million.
Speaker Change: Was that outcome.
Speaker Change: In the second quarter of 2020 for Opco spent $10 million on capital expenditures.
Speaker Change: We maintained our strong leverage metrics with a consolidated leverage ratio of approximately one times.
Speaker Change: On July 32024, we announced a quarterly distribution of 40 714 cents per unit with respect to the second quarter of 2024.
Steve Bender: Since our IPO in 2014, the partnership has made 40 consecutive quarterly distributions to unit holders, and we have grown our distributions 71 percent since the partnership's original minimum quarterly distribution of 27.5 cents per unit. The partnership's second quarter distribution will be paid on August 27, 2024, to unit holders of record on August 12, 2024.
Speaker Change: Since our IPO in 2014, the partnership has made 40 consecutive of quarterly distributions to unit holders and we have grown our distributions 71% since the partnership's original minimum quarterly distribution of $27.05 per unit.
Speaker Change: The partnerships second quarter distribution will be paid on August 27th 2024 to unitholders of record of August 12 2024.
Steve Bender: From modeling purposes, we have one plan turnaround in 2024 at our Petro-1 Ethylene Unit in Wake Charles, Louisiana. This turnaround is scheduled to begin next month and is projected to last approximately 60 days. In prior years where we've had a plan turnaround, such as this one, the distribution coverage ratio is impacted for the period before recovering, and for this turnaround, we expect a similar result. The cost of this turnaround has been included in the amount we charge to West Wake and has been fully reserved for and funded as we commence the turnaround.
Speaker Change: For modeling purposes, we have one planned turnaround in 2024 at our Petro one ethylene unit.
Charles: And wait Charles Louisiana.
Speaker Change: This turnaround is scheduled to begin next month and is projected to last approximately 60 days.
Speaker Change: In prior years, where we've had a planned turnaround such as this one the distribution coverage ratio was impacted for the period before recovering and for this turnaround we expect a similar result.
Speaker Change: The cost of this turnaround has been included in the amount we charge to Westlake and has been fully reserved for and funded as we commenced the turnaround.
Albert Chao: Now, I'd like to turn the call back over to Albert to make some closing comments. Albert?
Speaker Change: Now I'd like to turn the call back over to Albert to make some closing comments Albert.
Albert Chao: Thank you, Steve. We are pleased with the partnership's financial and operational performance in the second quarter. In particular, the recent improvement in margins on ethylene sales to third parties, primarily as a result of new industry-wide US polyethylene capacity coming online, is encouraging.
Albert Chao: Thank you Steve.
Albert Chao: We are pleased with the partnership's financial and operational performance in the second quarter.
Albert Chao: In particular, the recent improvement in margins on ethylene sales to third parties.
Steve Bender: primarily as a result of new industry-wide U.S. polyethylene capacity coming online is encouraging, through economic ups and downs as well as planned and unplanned turnarounds. Now, I'll turn the call back over to John.
Speaker Change: Primarily as a result of new industry wide U S polyethylene capacity coming online is encouraging.
Albert Chao: Following a period of low third-party Ethylene sales margin in 2023, while the overall global macroeconomic environment remains unpredictable, our efforting sales agreement, which provides a predictable, free-based cash flow structure from our take-or-pay contract with Westlake for 95% of optical production, will continue to deliver stable and predictable cash flows through economic ups and downs as well as planned and unplanned turn-arounds. As always, we will continue to focus on safe operations, along with being good stewards of the environment where we work and live, as part of our broader sustainability efforts.
Speaker Change: Following a period of lower third party ethylene sales margin in 2023.
Speaker Change: While the overall global macroeconomic environment remains unpredictable.
Speaker Change: Ethylene sales agreement, which provides a predictable fee based cash flow structure.
Speaker Change: From a take or pay contract with Westlake for 95% of <unk> production will.
Speaker Change: We will continue to deliver stable and predictable cash flows.
Speaker Change: Through economic ups and downs as well as planned and unplanned turnarounds.
Speaker Change: As always.
Speaker Change: We will continue to focus on safe operations, along with being good stewards healthy environments, where we work and live as part of our broader sustainability efforts.
Albert Chao: Thank you very much for listening to our second quarter earnings call.
Speaker Change: Thank you very much for listening to our second quarter earnings call now I'll turn the call back over to Joe.
John Zoeller: Now I'll turn the call back over to John. Thank you, Albert. Before we begin taking questions, I would like to remind you that a replay of this teleconference will be available two hours after the call has ended. We will provide instructions to access the replay at the end of the call.
Albert Chao: Albert before we begin taking questions I would like to remind you that a replay of this teleconference will be available two hours. After the call has ended.
Joe Mark: We will provide instructions to access the replay at the end of the call.
Unknown Executive: Lauren, we will now take questions. Thank you.
Joe Mark: Lauren we will now take questions.
Lauren: Thank you at this time, we will conduct a question and answer session. As a reminder to ask a question you will need to press star one one on your telephone and wait for your name to be announced to withdraw your question. Please press star one again.
Unknown Executive: At this time, we will conduct the question-and-answer session. As a reminder, to ask a question, you will need to press star 11 on your telephone and wait for your name to be announced. To withdraw your questions, please press star 11 again. One moment while we compile the Q&A roster.
Speaker Change: One moment, while we compile the Q&A roster.
Speaker Change: Our first question comes from the line of Matthew Blair with Tpa. Your line is now open.
Matthew Blair: Our first question comes from the line of Matthew Blair with TPH. Your line is now open.
Matthew Blair: Thank you and good morning, everyone.
Matthew Blair: Thank you and good morning, everyone.
Matthew Blair: Good afternoon.
Matthew Blair: Good afternoon.
Matthew Blair: Good afternoon.
Matthew Blair: Regarding the turnaround at Petra 1, should we assume approximately 30 days in the third quarter and 30 days in the fourth quarter? In terms of the financial impact, you mentioned this is a temporary impact to your coverage ratio, but this will also depress your earnings temporarily as well. Is that correct?
Speaker Change: Regarding the turnaround at Petro one should we assume approximately 30 days.
Speaker Change: In the third quarter and 30 days in the fourth quarter.
Speaker Change: And in terms of the financial impact you mentioned this.
Speaker Change: A temporary impact to your coverage ratio, but this will also depressed your earnings temporarily as well is that is that correct.
Speaker Change: Yes, and so youre right Matthew from a planning perspective, it's probably half half in terms of how it falls in the quarter.
Matthew Blair: Yeah, and so you're right, Matthew, from a planning perspective. It's probably half-half in terms of how it falls in the quarter, since it is a 60-day plan turnaround, and I think your assumptions of earnings and production impact are appropriate.
Speaker Change: Since it is a 60 day planned turnaround and I think your assumptions of earnings and production impact are appropriate.
Matthew Blair: Sounds good.
Speaker Change: It sounds good and then on the.
Matthew Blair: And then on the spot exposure to the rising essay and crack margins, it kind of sounds like in the first half of the year, you were actually below that 5% maximum level. Is that the right inference? And I guess going forward, would you expect to be at 5% in the third quarter?
Speaker Change: On the spot exposure.
King: To the row King.
<unk> cracker margins.
Speaker Change: Sounds like in the first half of the euro actually below that 5% maximum level is that.
Speaker Change: Is that the right inference, and then I guess going forward would you expect to be at 5% in the third quarter.
Speaker Change: We've actually been buying we've actually been been selling I should say ethylene in advance because ethylene margins for advanced are elevated over the normal Tencent margin earlier. This year. So we actually have had made good progress in selling that normal 5% target through the course of 'twenty four.
Matthew Blair: We've actually been buying; we've actually been selling, I should say, ethylene in advance because ethylene margins were advanced or elevated over the normal 10th cent margin earlier this year. So we actually have had major good progress in selling that normal 5% target through the course of 24.
Speaker Change: Sure.
Matthew Blair: So knowing that we'd have this outage, we wanted to try to get advanced to that, especially since margins were actually in pretty good shape. But as we think about the back half of the year, we've seen elevated ethylene margins, and I hope that we were able to participate that, participate in that for the rest of the year.
Speaker Change: So knowing that we would have this outage we wanted to try to get advance of that especially since margins, we're actually in pretty good shape, but as we think about the back half of the year, we've seen elevated ethylene margins and I hope that we were able to participate that participate in that for the rest of the year.
Matthew Blair: Sounds good.
Speaker Change: Sounds good and then the last question has there been any.
Matthew Blair: And then the last question, has there been any, I guess, the spying of MLP equity markets, or are you seeing any sort of increase in interest there, or is that still an area that's fairly closed off? for you.
Speaker Change: I guess volume of MLP equity markets are you seeing any sort of increase in interest there or is that still an area that is fairly closed off for you.
Matthew Blair: It's still an area that we're exploring. I would say, as we look at the opportunities in the marketplace, I'd say, while the number of MLP names have continued to shrink, there still remains an active interest in investors looking for values at the right price. So we continue to maintain a good dialogue looking for the opportunities where the arbitrage and the valuations make sense for us to pull on one of those four levers that you've heard us mention just a moment ago. Sounds good.
Speaker Change: It's still an area that we're exploring I would say as we look at the opportunities in the marketplace I would say while the number of MLP names have continued to shrink theres still remains active interest in investors looking for values at the right price and so we continue to maintain a good dialogue looking for the opportunities where the arbitrage.
Speaker Change: And the valuations makes sense for us to pull on one of those four levers that you heard us mentioned, just a moment ago.
Speaker Change: Sounds good thank you.
Matthew Blair: Thank you. You're welcome.
Speaker Change: Youre welcome.
Speaker Change: Yeah.
Unknown Executive: Thank you.
Speaker Change: Thank you at this time the Q&A session has now ended I will now turn the call back over to John Zeller.
Unknown Executive: At this time, the Q&A session has now ended.
John Zoeller: I will now turn the call back over to John Zoeller. Thank you again for participating in today's call.
John Zeller: Thank you again for participating in today's call. We hope you will join US for our next conference call to discuss our third quarter 2024 results.
John Zoeller: We hope you will join us for our next conference call to discuss our third quarter 2024 results. Thank you for participating in today's Westlake Chemical Partners Second Quarter 2024 earnings conference call. As a reminder, this call will be available for replays beginning two hours after the call has ended and may be accessed until 11:59 p.m. Eastern Time on Tuesday, August 20th, 2024. The replay can be accessed via the partnership website.
Speaker Change: Thank you for participating in today's Westlake Chemical partners second quarter 2024 earnings Conference call. As a reminder, this call will be available for replay beginning two hours. After the call has ended and maybe accessed until 11 59 PM Eastern time on Tuesday August 20th 2024, the replay can be accessed via.
Speaker Change: The partnership website Goodbye.
Unknown Executive: Goodbye.
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